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This study is a comprehensive analysis of the prospects for the development of stablecoins as a special class of crypto assets, revealing their fundamental duality through the prism of the interaction of legal and shadow economic practices. Applying a synthetic methodology that combines the analysis of blockchain transactions with an institutional approach, the paper reveals a systemic relationship between the stability of stablecoins and their use in asset legalization and circumvention of regulatory restrictions, demonstrating their paradoxical dependence on illegitimate financial flows. Special attention is paid to the process of gradual marginalization of stablecoins in the system of regulated economic transactions against the background of their growing demand in the shadow sector, which, together with artificially maintained price stability, creates systemic risks for market participants. The results obtained allow us to state with a high degree of reliability about the cyclical development of these instruments, where each act of regulatory pressure leads not to the disappearance, but to a qualitative transformation of their functional models.
stablecoins, cryptocurrencies, shadow economy, asset legalization, regulatory risks, price stability, transactional operations, financial flows, institutional analysis, geo-economic turbulence.
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